We have stood at various places around the lake (or is it a lagoon?) and have never had a bad seat, really. Well, unless you're standing where the wind is blowing the smoke. We just avoid the direction the wind is blowing that night and we are pretty good.
There are very few restaurants that overlook it, the counter service in Mexico does if you can snag a seat there early. Rose and Crown, I think, does... That's all that comes to mind off the top of my head.